China, a superpower that has become the world’s biggest market for solar and wind power, has been a leader in promoting RPS. The country’s National Energy Administration (NEA) approved a plan in 2020 that aims to achieve a renewable power consumption ratio of 50% by 2030. The plan also includes promoting the large-scale consumption of clean power, the development of technologies for renewable energy storage and system support, and the establishment of an RPS program for the entire country. The move is expected to drive significant new demand for renewable energy resources.
The United States has also been a significant player in the global RPS arena. 30 US states, along with Washington D.C., Puerto Rico and the U.S. Virgin Islands, have mandatory RPS policies in place, and several others have voluntary goals. In 2019, California passed a law that requires 100% clean electricity by 2045, making it the largest economy in the world to set such a target.
In Europe, the European Union has set a target of 32% renewable energy by 2030. The EU’s proposed Clean Energy Package will set a mandatory target for renewable energy of 32% of the EU’s gross final energy consumption by 2030. The package was introduced to help the EU meet its climate and energy goals, drive innovation, and boost jobs and growth.
Beyond these major players, other countries are also making strides in the RPS arena. Japan’s Ministry of Economy, Trade and Industry introduced an RPS scheme in 2019, which requires utilities to purchase renewable energy credits equivalent to a certain percentage of their total generation. South Korea has also set an RPS target of 20% by 2030, and India has an ambitious goal of achieving 450GW of renewable energy by 2030.
Clean energy titans are battling it out in the global RPS arena to become the dominant player. Some companies are investing heavily in renewable energy resources and technologies to meet demand. For example, NextEra Energy, the world’s largest producer of wind and solar energy, is aiming to achieve 50% of its electricity production from renewables by 2025 and 100% by 2050.
In conclusion, RPS policies have spurred the growth of renewable energy resources around the world, and leading clean energy titans are competing to become the dominant player in this arena. The future of the world’s energy supply is likely to depend on the extent to which these titans can meet the rising demand for clean energy and lead the transition to a sustainable energy future.
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